Piling contractor Van Elle is expecting to raise £40m by floating on the Alternative Investment Market (AIM) this week.

Van Elle is expected to join the AIM on 26th October 2016. 53% of the company’s shares will be publicly traded.

The stake of non-executive chairman and company founder Michael Ellis and his wife Joan will reduce from 25.5% to 11.1%. Chief executive Johnathan Fenton’s stake will reduce from 9.4% to 7.0%. The listing will introduce new institutional investors into the company: Ruffer (8.8%), Hargreave Hale (8%) and Black Rock (4.1%).

Michael Ellis founded Van Elle in 1984 and the company now has more than 500 employees. Turnover rose from £46m for the year ending 30th April 2014 to £72.5m for the year to April 2015.